The FTSE 100 remained largely unmoved throughout chancellor Jeremy Hunt’s Autumn Statement, only slipping slightly as lower oil prices weighed on the index.
The UK market ended Wednesday’s trading at 7,466 - down just 0.2 per cent from where it started the day. It was largely unaffected by the chancellor’s budget reforms until Opec+ postponed its Sunday meeting without prior warning.
Meanwhile gilt yields rose slightly during the day but have since largely fallen back to where they started. The yield on a 10-year UK government bond is now 4.16 per cent compared to 4.17 per cent a week ago.
Much of Hunt’s policies had been floated in advance, which in part explains the FTSE’s muted reaction to the day’s course of events.
The biggest gainer of the day was Sage Group, rising more than 13 per cent though much of its gains can be attributed to its share buyback announcement earlier in the day.
The FTSE 250 - which is more exposed to the UK economy - enjoyed more of a boost, closing Wednesday at 18,467, up 0.72 per cent.
Meanwhile, sterling also held largely firm, settling around $1.25 this morning, up 0.51 per cent.
It is enjoying a 10-week high against the dollar as Bank of England governor Andrew Bailey reiterated his pitch on Tuesday that interest rates would not need raising further.
The stability in the wake of yesterday's Autumn Statement contrasts with the "mini" Budget delivered by his predecessor Kwasi Kwarteng. Following the announcement of a raft of unfunded spending measures last September, the pound plummeting to a 37-year low of $1.09.
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